1. Do you want a repayment or interest-only mortgage?

This means you choose between paying off the amount you’ve borrowed and the interest as you go along or only paying back the interest.

Bear in mind that with an interest-only mortgage you’ll need to be able to show the lender that you have a strategy or investment plan that will pay off the mortgage when it is due. It’s much harder to get an interest-only mortgage now and lenders don’t always offer them. Find out more in our guides below.

2. Do you want fixed monthly payments?

You may want to have certainty about your future monthly payments. If you need that certainty and you can find a reasonable and affordable deal, consider a fixed-rate mortgage. Understand more about choosing between fixed or variable rate mortgages.

6. Do you want the flexibility to overpay, underpay or take payment breaks?

Some mortgages allow you to overpay sometimes – in other words, pay more than your normal monthly payment. Some allow you to underpay or even take a short mortgage holiday where you don’t have to repay any money at all. Whether these features are available to you will depend on the mortgage terms and conditions as well as your financial circumstances.

7. Do you want to be able to move lenders (remortgage) whenever you want?

Remortgaging to a better product can save you hundreds and sometimes thousands of pounds. Most lenders charge exit fees. If you’re on a fixed-rate deal, early repayment fees can be substantial. Speak to the lender, or use a mortgage broker to help you find a mortgage where there are no exit fees, or where the exit fees are very low.